Simplify Online Bill Payments

While most people use mobile banking app/online accounts to pay their bills, they often get confused with the different options available. Do you need to pay through the billing company? Would it be better to pay through your bank? Can you use both options at the same time? Understand how to go about with online payments to know the advantages of each option and simplify the process.

How to do Online Bill Payment

Mobile and online bill payments come in two major types.

You can go straight to the website/app of the billing company, like for example, your cable company or insurance provider, then pay the bill there. As a rule, you can use your credit/debit cord or make an arrangement with your bank to debit it from your account. An advantage of paying on the billing company’s site is you know the exact amount to be paid. If you have several bills, though, it can be tiresome to log in to multiple sites every month.

The other option is to pay a bill through your bank. Almost all banks, financial institutions and credit unions provide this service. You just need to set things up using your mobile banking app/online account and, after a few seconds, you can make a bill payment. It is as simple as choosing the payee/s, keying the due amount, and selecting a delivery date. In case you do not want to pay bills by hand on a monthly basis, the majority of banks let you set up automatic recurring payments, so you can schedule your payments to avoid missing a bill payment whenever it is due. To streamline your payments, you just need to log in to the provided space and remember your password. In addition, it is easier to check your account balance.

The Advantages of Online Payments

Paying online using your mobile device is quick and easy, plus it allows you to schedule payments. Your payment dates can be synchronized with your paychecks/pay bills from various accounts. Most importantly, most banks and billing companies employ first-rate security features. For instance, Bank of America encrypts your personal details so they cannot be read during transit, and automatically signs off when your banking session is open but inactive for a long time. Besides security, you can reduce costs when using electronic payments, saving on cash and stamps.

Overall, electronic payments enable you to manage, monitor and review your payments, whether you pay via your bank or billing company. You can also search for specific bills that you paid. Whenever you pay multiple bills online using your bank or mobile banking app, you can view your payment history. Also, a lot of banks provide email notifications as a reminder of payments due.

We often read, or hear, a lot of information (some accurate), about interest rates, and some of the potential factors, which might, impact them, and how, they affect other things! Although, it sometimes, doesn’t appear, so, these rates, generally, are created, and exist, because of some conditions, or combinations, either, actual, or, perhaps, concerns/ fears, etc. While, there are many things, which come into – play, in this area, this article will focus – on, 5 specific factors! Since, associated costs, and how, other key economic areas, may be related to these, this article will attempt to, briefly, consider, examine, review, and address, these, and why, they are important considerations.

1. Strengths/ weaknesses of overall economy: Times, and conditions, are rarely, static, often, changing, evolving, and having different implications, from time – to – time! Depending on the specific strengths, and weaknesses, at any point, overall economic policy, and approaches, must be considered, and used, wisely, and in a relevant, sustainable way. Generally, historically, rates rise, when there is a fear of inflation, and drop, when, there appears, to be a need, to make the cost of borrowing, more affordable. For example, when rates are low, we usually, witness, a corresponding, drop, in mortgage costs, and, obviously, that would make housing costs, more affordable, and desirable, for most. When, the overall economy, is weakest, lower rates, often, help, to boost it, by encouraging, individuals, and business, to spend more, which puts, more money, into the economy!

2. Federal Bank moves: Often, the Federal Reserve Bank, uses interest rates, as a strategic approach, to addressing, either, present needs, and/ or, future concerns, and possibilities! When, inflation seems to be a real risk, they, often, tighten the money supply, while, other times, they want to encourage, increasing the overall money supply, etc. Some consider these, as quality moves, while others, fear, sometimes, it is politically, motivated, manipulation!

3. Inflation/ Recession concerns/ balance: Sometimes, a degree of mild inflation, is possibly, desired/ desirable, when/ if, the money – professionals/ experts, believe it is needed, and/ or, necessary! The Federal Rates, often, determine, items, such as: rates paid by banks to depositors (interest); rates banks pay to borrow; costs to corporations/ companies, of money; etc. In addition, they trickle – down, to, other elements of the economy, etc. One example is, when rates are low, it often, makes the stock market, more attractive, because it reduces competition, for quality investment alternatives!

4. Prediction/ Confidence, in future: Often, fear/ concern, for the future, determines policy! There is not always, a direct relationship!

5. Job market: If inflation, is under – control, and the job market, is relatively, strong, it often, influences, policy, in this economic/ financial area! There is often, an evaluation, of how any action, might create a reaction, both, in the short – term, and in the longer – one!

The more, we are familiar, with economic realities, the better, we might predict, the smartest course, of action. Will you commit to being, a more – knowledgable citizen, and consumer?

Setrega is the Global Regulatory Analytical Platform which provides a comprehensive solution to the financial institutions for complying with one or more Regulatory Authorities. Through highly customizable and end-to-end automation, Setrega helps clients to configure Reporting Data, Reporting API, Connecting/Integrating Settings, Report Generation Requirements, Report Validation Requirements, Report Submission Mode and Feedback Management. As a Global Regulatory Analytical Platform, Setrega is designed to integrate with any financial services firms to receive regulatory data and process them to regulatory reports in specific formats with minimum customization effort.

Currently, all financial institutions are facing problems with dynamic changes in regulatory requirements, implementation risks associated with regulatory reporting and managing regulatory report error handling. All financial institutions are forced to adapt to these challenges and continuously seek for solutions which are cost-effective and accurate, with real-time feedback management. Sensiple’s Setrega fits into this emerging environment by supporting multiple Regulatory Authorities with an end-to-end automated solution.

Regulation Complied Preconfigured – ESMA – MIFIR/MiFID II, Monetary Authority of Singapore (MAS), Superintendencia Financiera de Colombia (SFC) etc.,
Significant benefits of the Global Regulatory Analytical Platform are,

Automation Capability

Financial Institutions gets the advantage of preparing and submitting regulatory reports without manual effort.

Comply with new Regulations without risk

Setrega provides flexible data source configuration, API mapping and reporting format changes with minimum customization in product level which ensures relief from regulatory and compliance risks for the financial institutions working in various regions.

Scalability

Depending on the Institutions type like Buy Side/ Sell Side/venues, Setrega is scalable in terms of increasing number of connections, the humongous volume of data, more number of reports and formats, increased number of submission modes and regulatory authorities.

Transparency

Handling a large volume of data gives challenges in managing data to auditing; Setrega makes it more accessible by allowing the clients to have full control over data by powerful data transparency method.

Dashboard

Setrega act as a one-stop shop for all regulatory reporting for financial institutions. A vastly informative dashboard in Setrega provides all historical, current and scheduled regulatory reports and its internal & external statuses in graphical and tabular representations.

Regional Coverage

Financial firms who run their business across the globe get benefited from Setrega as one solution solves all the regulatory and compliance needs. It is successfully verified with major regulatory frameworks like MiFID II and NFA (National Futures Association) and regulatory authorities like SEC and SFC.

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